Latest news with #AteevBhandari
Yahoo
12 hours ago
- Business
- Yahoo
Robinhood exec touts retail investor strength, says overnight trading the future
By Ateev Bhandari (Reuters) -Robinhood (HOOD)executive Steve Quirk on Thursday credited retail investors with helping the market rebound after a sharp plunge in April, adding that young self-directed traders were increasingly making trades outside traditional hours. His comments came in reference to the market turmoil that followed U.S. President Donald Trump's announcement of sweeping tariffs on Liberation Day earlier this year. "This is the second occurrence where I would argue retail came to the rescue of the market. COVID (was) probably the first," said Quirk, Robinhood's chief brokerage officer, at the Piper Sandler Global Exchange & Trading Conference in New York. Retail investors have evolved into a notable market force since the GameStop short-squeeze of 2020, buying $4.7 billion in stocks on April 3, the highest level over the past decade, according to JPMorgan estimates. This was a day after Trump launched his erratic tit-for-tat tariff campaign, which roiled markets worldwide, scuttled dealmaking, and dampened consumer sentiment. Another way retail investors are changing the markets is through overnight trading, which is growing in popularity as global demand for U.S. stocks surges. Robinhood's users, especially those in their 30s, "do the research and homework in the evening," and expect to be able to make trades whenever they wish, Quirk said. Trading volume outside traditional hours has also spiked sharply as a tumultuous period of U.S. policy in recent months has kept markets on edge. There have often been steep selloffs in after-hour trading if material pivots on trade policy were announced late in the day. Robinhood estimates up to a quarter of its total daily trading volume on its busiest days comes from outside traditional market hours. May was the biggest month at the company for overnight trading, by volume, according to Quirk. "You will look back in a couple years and laugh at the notion that we waited until 9:30 Eastern for trading to start," said Quirk. Robinhood and competitor Interactive Brokers have been offering overnight trading for limited equities for a few years now.
CTV News
28-05-2025
- Business
- CTV News
Bank of Montreal quarterly profit rises on wealth management strength
People make their way past the Bank of Montreal building in the Financial District of Toronto, Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby Lender Bank of Montreal reported a rise in second-quarter profit on Wednesday, helped by strength in its wealth management business. The bank's adjusted net income rose to $2.05 billion, or $2.62 per share, in the three months ended April 30, compared with $2.03 billion, or $2.59 per share, a year earlier. Reporting by Ateev Bhandari in Bengaluru; Editing by Devika Syamnath, Reuters
Yahoo
20-05-2025
- Business
- Yahoo
Thoma Bravo's Nearmap to buy insurance tech firm itel for over $1.3 billion
By Ateev Bhandari and Pritam Biswas (Reuters) -Thoma Bravo-backed Nearmap has agreed to buy insurance technology provider itel from private equity firm GTCR, the companies said on Tuesday, as it looks to expand its offerings across property portfolios. The deal values itel at over $1.3 billion, including debt, a source familiar with the matter told Reuters. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry's recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Jacksonville, Florida-based itel provides its services to all of the top 100 insurance carriers in North America. GTCR, which manages over $45 billion in capital, bought itel in August 2021 from PNC Riverarch Capital. The firm, in a release on Tuesday, said that the insurance tech firm had doubled its revenue over the past three years. "GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews in a statement. The sale to Thoma Bravo comes just over a month after GTCR achieved a rare, significant return by selling its 55% stake in payments processor Worldpay to Global Payments in a $24.25 billion three-way deal. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, Thoma Bravo has also been active, liquidating its holding in exchange operator Nasdaq in two separate block trades earlier in the month. Thoma Bravo had acquired Australia-based insurance technology firm Nearmap in December, 2022. Raymond James and Bank of America acted as the financial advisers to itel, while Latham & Watkins served as its legal counsel. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
17-04-2025
- Business
- Reuters
Chinese tea chain Chagee valued at $6.2 billion in strong Nasdaq debut
Market data is displayed on a screen inside the Nasdaq stock market site in New York City, U.S., April 7, 2025. REUTERS/Kylie Cooper/File Photo Purchase Licensing Rights, opens new tab April 17 (Reuters) - Chinese tea chain Chagee (CHA.O), opens new tab secured a valuation of $6.2 billion after its shares gained 21% in the Nasdaq debut on Thursday. The company's American depositary shares opened at $33.75 apiece, compared with the initial public offering price of $28. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Chagee sold 14.7 million ADS at the top of its marketed range of $26 to $28 per share to raise $411 million, in the biggest listing for a Chinese consumer company since vaping firm RLX Technology's $1.4 billion IPO in January 2021, according to Dealogic data. The market reaction signals sustained investor appetite for Chinese IPOs on U.S. exchanges at a time when two of the world's biggest economies are engaged in a full-on trade war. Reporting by Ateev Bhandari in Bengaluru; Editing by Shilpi Majumdar Our Standards: The Thomson Reuters Trust Principles., opens new tab
Yahoo
15-02-2025
- Business
- Yahoo
Karman Holdings valued at nearly $4 billion as shares jump in NYSE debut
By Ateev Bhandari and Prakhar Srivastava (Reuters) -Karman Holdings was valued at nearly $4 billion after its shares surged 36% in their NYSE debut on Thursday, signaling investor appetite for defense and space firms as expectations grow for market expansion under the new Trump administration. The IPO market is on the road to recovery following a cold stretch spanning more than two years, as investors expect rising corporate profits on potential deregulation and tax-cuts under the presidency of Donald Trump. The defense and space systems maker's stock opened at $30 apiece, compared with the initial public offering price of $22. It was last up 31%. Karman's robust debut presents a change of pace after lukewarm first-day performances from some high-profile listings such as Venture Global and Smithfield Foods in the last few weeks. The Huntington Beach, California-based company — backed by Trive Capital — and some of its existing shareholders raised $506 million in an upsized IPO. They sold 23 million shares above the marketed range of $18 to $20 each. Policymakers predict Trump would push ahead with a race to the moon and possibly Mars, bolstered by his friendship with SpaceX founder Elon Musk. Last month, Trump signed an order that mandated a process to develop an "American Iron Dome", a next-generation U.S. missile defense shield against ballistic, hypersonic, cruise missile and other forms of aerial attack. "As a specialist in areas like hypersonic missile defense, Karman could benefit from increased defense spending and a focus on 'America First' manufacturing," said Josef Schuster, CEO of IPO-focused investment indexes, IPOX. "Trump revived Space Force initiative and plans to increase NATO spending, but his reputation for driving hard bargains could squeeze profit margins," he said. Founded in 1977, Karman specializes in payload and protection systems, aerodynamic interstage systems and propulsion and launch systems.
